Coherus Financials
This page shows Coherus (CHRS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet repair came from cash-in investing activity, while the core operating engine still ran at a large cash deficit.
FY2025's equity recovery did not come from the operating business: revenue was only$42.2M while operating loss remained-$181.1M . Yet positive investing cash flow of$375.1M coincided with liabilities dropping to$197.3M , showing the balance sheet was repaired mainly by cash generated outside normal operations and then used to shrink obligations rather than by the business funding itself.
With gross margin still around
The liquidity picture is less improved than the equity swing suggests: year-end cash was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Coherus's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Coherus scores -8.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($225.2M) relative to total liabilities ($197.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Coherus passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Coherus generates $-0.82 in operating cash flow (-$138.5M OCF vs $168.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Coherus earns $-20.1 in operating income for every $1 of interest expense (-$181.1M vs $9.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Coherus generated $42.2M in revenue in fiscal year 2025. This represents an increase of 59.8% from the prior year.
Coherus's EBITDA was -$179.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.2% from the prior year.
Coherus reported $168.0M in net income in fiscal year 2025. This represents an increase of 489.4% from the prior year.
Coherus earned $1.43 per diluted share (EPS) in fiscal year 2025. This represents an increase of 472.0% from the prior year.
Cash & Balance Sheet
Coherus held $88.9M in cash against $0 in long-term debt as of fiscal year 2025.
Coherus had 121M shares outstanding in fiscal year 2025. This represents an increase of 4.8% from the prior year.
Margins & Returns
Coherus's gross margin was 67.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Coherus's operating margin was -429.5% in fiscal year 2025, reflecting core business profitability. This is up 327.1 percentage points from the prior year.
Coherus's net profit margin was 398.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 290.4 percentage points from the prior year.
Coherus's ROE was 275.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Coherus invested $108.9M in research and development in fiscal year 2025. This represents an increase of 18.6% from the prior year.
CHRS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3M-3.4% | $12.7M+10.2% | $11.6M+12.8% | $10.3M+34.9% | $7.6M-1.7% | $7.7M+27.8% | $6.1M-41.2% | $10.3M |
| Cost of Revenue | $3.8M-5.7% | $4.0M+8.7% | $3.7M+9.6% | $3.4M+28.0% | $2.7M-3.5% | $2.8M+0.8% | $2.7M+50.9% | $1.8M |
| Gross Profit | $8.5M-2.4% | $8.7M+10.9% | $7.8M+14.4% | $6.9M+38.7% | $4.9M-0.7% | $5.0M+50.0% | $3.3M-60.8% | $8.5M |
| R&D Expenses | $21.5M-30.4% | $31.0M+13.7% | $27.3M+3.6% | $26.3M+8.0% | $24.4M+17.3% | $20.8M-5.9% | $22.1M+7.1% | $20.6M |
| SG&A Expenses | $23.1M-2.1% | $23.6M-5.3% | $24.9M-4.3% | $26.0M+0.1% | $26.0M-12.1% | $29.6M+5.3% | $28.1M+2.2% | $27.5M |
| Operating Income | -$36.2M+21.2% | -$45.9M-3.5% | -$44.3M+2.5% | -$45.5M-0.1% | -$45.4M-0.1% | -$45.4M+3.1% | -$46.9M-18.2% | -$39.6M |
| Interest Expense | $2.2M-2.8% | $2.2M-3.3% | $2.3M+2.1% | $2.3M+5.9% | $2.1M+195.7% | $727K-74.3% | $2.8M-30.4% | $4.1M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$38.3M-1.8% | -$37.6M-5.9% | -$35.5M-111.9% | $297.8M+626.4% | -$56.6M-11.6% | -$50.7M-371.5% | -$10.8M+16.8% | -$12.9M |
| EPS (Diluted) | $-0.28 | N/A | $-0.31-112.1% | $2.57+624.5% | $-0.49 | N/A | $-0.09+18.2% | $-0.11 |
CHRS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $266.0M+3.0% | $258.3M-50.0% | $516.5M+17.5% | $439.5M+18.4% | $371.1M-17.3% | $448.5M-11.2% | $505.0M-25.2% | $674.9M |
| Current Assets | $206.0M-0.3% | $206.7M-55.2% | $461.0M+21.2% | $380.2M+22.6% | $310.2M-9.2% | $341.6M-7.4% | $369.0M-33.9% | $557.9M |
| Cash & Equivalents | $115.2M+29.7% | $88.9M-14.0% | $103.4M-52.3% | $216.9M+163.2% | $82.4M-34.6% | $126.0M+29.0% | $97.7M-38.7% | $159.2M |
| Inventory | $4.8M+52.1% | $3.2M+54.9% | $2.0M-54.6% | $4.5M+28.3% | $3.5M-16.4% | $4.2M-91.2% | $47.6M-23.4% | $62.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $187.4M-5.0% | $197.3M-54.0% | $428.7M+34.1% | $319.6M-42.4% | $554.5M-4.5% | $580.5M-2.1% | $593.0M-21.9% | $759.0M |
| Current Liabilities | $132.3M-5.7% | $140.4M-62.3% | $372.3M+41.2% | $263.6M+3.4% | $255.0M-9.9% | $283.0M-4.3% | $295.6M-36.2% | $463.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $78.6M+28.9% | $61.0M-30.5% | $87.8M-26.7% | $119.8M+165.3% | -$183.5M-39.0% | -$132.0M-50.0% | -$88.0M-4.6% | -$84.1M |
| Retained Earnings | -$1.4B-2.8% | -$1.4B-2.8% | -$1.3B-2.7% | -$1.3B+18.5% | -$1.6B-3.6% | -$1.6B-3.4% | -$1.5B-0.7% | -$1.5B |
CHRS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$57.9M-193.6% | -$19.7M+57.5% | -$46.3M+0.6% | -$46.6M-80.6% | -$25.8M-190.3% | $28.6M+146.1% | -$62.0M-203.8% | $59.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $30.7M+1180.2% | -$2.8M+95.8% | -$67.2M-114.5% | $462.6M+2745.8% | -$17.5M-3126.2% | -$542K-222.1% | $444K-98.4% | $27.7M |
| Financing Cash Flow | $53.6M+563.2% | $8.1M+403950.0% | $2K+100.0% | -$281.5M-106537.9% | -$264K-214.3% | $231K+238.3% | -$167K+99.9% | -$187.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CHRS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.0%+0.8pp | 68.3%+0.4pp | 67.8%+0.9pp | 66.9%+1.8pp | 65.1%+0.7pp | 64.4%+9.5pp | 54.9%-27.5pp | 82.4% |
| Operating Margin | -293.7%+66.2pp | -359.9%+23.2pp | -383.1%+60.5pp | -443.6%+154.3pp | -597.9%-11.0pp | -586.9%+187.3pp | -774.2%-389.4pp | -384.9% |
| Net Margin | -311.4%-16.1pp | -295.3%+11.8pp | -307.1%-3211.0pp | 2903.9%+3648.3pp | -744.4%-88.9pp | -655.6%-477.9pp | -177.6%-52.1pp | -125.5% |
| Return on Equity | -48.8%+12.9pp | -61.7%-21.2pp | -40.5%-289.0pp | 248.5% | N/A | N/A | N/A | N/A |
| Return on Assets | -14.4%+0.2pp | -14.6%-7.7pp | -6.9%-74.6pp | 67.8%+83.0pp | -15.2%-3.9pp | -11.3%-9.2pp | -2.1%-0.2pp | -1.9% |
| Current Ratio | 1.56+0.1 | 1.47+0.2 | 1.24-0.2 | 1.44+0.2 | 1.220.0 | 1.21-0.0 | 1.25+0.0 | 1.21 |
| Debt-to-Equity | 2.38-0.9 | 3.23-1.7 | 4.88+2.2 | 2.67 | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Coherus's annual revenue?
Coherus (CHRS) reported $42.2M in total revenue for fiscal year 2025. This represents a 59.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Coherus's revenue growing?
Coherus (CHRS) revenue grew by 59.8% year-over-year, from $26.4M to $42.2M in fiscal year 2025.
Is Coherus profitable?
Yes, Coherus (CHRS) reported a net income of $168.0M in fiscal year 2025, with a net profit margin of 398.4%.
What is Coherus's EBITDA?
Coherus (CHRS) had EBITDA of -$179.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Coherus's gross margin?
Coherus (CHRS) had a gross margin of 67.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Coherus's operating margin?
Coherus (CHRS) had an operating margin of -429.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Coherus's net profit margin?
Coherus (CHRS) had a net profit margin of 398.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Coherus's return on equity (ROE)?
Coherus (CHRS) has a return on equity of 275.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Coherus's operating cash flow?
Coherus (CHRS) generated -$138.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Coherus's total assets?
Coherus (CHRS) had $258.3M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Coherus spend on research and development?
Coherus (CHRS) invested $108.9M in research and development during fiscal year 2025.
What is Coherus's current ratio?
Coherus (CHRS) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.
What is Coherus's debt-to-equity ratio?
Coherus (CHRS) had a debt-to-equity ratio of 3.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Coherus's return on assets (ROA)?
Coherus (CHRS) had a return on assets of 65.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Coherus's cash runway?
Based on fiscal year 2025 data, Coherus (CHRS) had $88.9M in cash against an annual operating cash burn of $138.5M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Coherus's Altman Z-Score?
Coherus (CHRS) has an Altman Z-Score of -8.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Coherus's Piotroski F-Score?
Coherus (CHRS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Coherus's earnings high quality?
Coherus (CHRS) has an earnings quality ratio of -0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Coherus cover its interest payments?
Coherus (CHRS) has an interest coverage ratio of -20.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Coherus?
Coherus (CHRS) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.